Philippines: SM Investments picks 62.21% in MyTown dormitory brand owner PULS

SM Investments Corp logo

SM Investments Corp (SMIC) has taken 62.21 per cent controlling stake in Philippines Urban Living Solutions Inc (PULS), the operator of dormitory buildings under the MyTown brand.

According to an SMIC disclosure, it acquired more than 674.8 million common shares of PULS, with price less than 10 per cent of the giant holding company’s net book value, which was determined based on appraised asset value.

“This acquisition allows SMIC to capture growth opportunities in the dormitel segment,” SMIC informed the Philippine Stock Exchange.

Established in 2012, PULS owns, develops and operates dormitory spaces for rent under the MyTown brand aimed at young professionals. It has built rental housing communities at a walking distance from the central business districts of Metro Manila.

“MyTown’s dormitories are equipped with attractive amenities and targeted retail facilities that allow its tenants to save on travel time and transportation cost,” SMIC said in its statement.

A holding firm of conglomerate SM Group of Companies, SMIC is engaged in retail, property, financial services, among others. Among its subsidiaries are The SM Store, SM Supermarkets, SM Hypermarkets, SaveMore, Waltermart Supermarket Inc, SM Prime Holdings Inc, BDO Unibank and China Bank.

SMIC’s last trading price decreased 0.14 per cent or P1.00 to close at P710 per share on Monday.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.